Comparing Monero vs Bitcoin

Monero and Bitcoin are cryptocurrencies which serve different purposes, but both are popular in the world of crypto. They do have similarities in that they do not require a 3rd party, they can be exchanged openly on a global scale, and they are very popular in crypto.

We’ll explain what Monero and Bitcoin have to offer, and how they stack up when compared to each other.

Fundamentals of Monero vs Bitcoin

Monero is fully private and ensures that what you trade, who you trade to, and how much you trade are unknown. Bitcoin does not require you to give your personal information other than the necessary address. With Bitcoin however there’s the spread of what you traded and who you traded to which can be analyzed.

You can work to make your Bitcoin transaction more secure, but it’s not automatic and requires tinkering.

Monero also offer people the ability to be truly untraceable and what you choose to do with them is not stored on any ledger. In the worst case scenario of a hack for example, if there is a distribution of stolen BTC, this is public knowledge and if you purchase this unknowingly it may lead to being unable to use it. Not only is this a potential waste of time, but it can also be a waste of money.

Privacy offered by Monero

Three different “privacy technologies” are used which ensure data is kept private. They use ring signatures, Ring CT, and stealth addresses.

A ring signature conceals data about who the sender is. The Ring CT allows for only the sender and receiver to know what was sent and how much.

Stealth addresses provides privacy to the receiver. This unique address is given to receiver and it’s created by the sender. With the view key the receiver can see what is being sent and how much. With this extra security measure it’s still recorded but only the receiver knows what was transmitted.

Looking Deeper into Monero vs Bitcoin

Bitcoin was released to the public in 2009 and it was the first cryptocurrency. Monero is somewhat newer as it was released in 2014.

A major difference is that Monero was created mainly as a way to provide truly private transactions. Bitcoin is not used for that purpose, but it can provide some protection. Monero also gives warning before every hard fork which occurs roughly every 6 months.

With Monero the mining is also more dynamic, allowing for adaptability depending on networks demands. Bitcoin has larger transaction fees and its blocks are limited in their size. Monero is also transacted quicker with around 2 minutes needed to finalize a transaction. This was also used popularly on the Dark Web as a way to purchase things without leaving behind a paper trail.

Bitcoin of course had to deal with the Bitcoin Cash fork which is still being debated as to which is the true fork. With all this considered Bitcoin still is the main coin in cryptocurrency, and it has been able to stay at the top since it was released.

Market value of Monero

Historically Monero has been able to keep a steady momentum and even when crypto as a whole had a major dip, it remained more stable than various other coins. It got up to the $500 range and as of now is stabilized at around $300, with growth occurring steadily.

There’s also been a lot of talk about the use of Monero and how effective it’s been as a truly private way to secure transactions. Major discussion has been had about the potential merger with Litecoin. Since Litecoin is a major cryptocurrency, the union of both would mean a tremendous deal, as it would improve the over market value. This is still speculation as no set date has bene confirmed to ensure that this is guaranteed, but if it does happen it will provide a major boost in value.

Monero vs Ethereum

The major difference is of course privacy, with Monero you are to set up truly confidential transactions. Ethereum is considered the 2nd most popular and valuable coin, with its price only second to Bitcoin. Monero has enjoyed a steady climb with its increase of value and popularity in the cryptocurrency world however. Both serve a different purpose however as ETH is for developing dApps.

Monero vs Ripple

Ripple or XRP is used by financial institutions and is used as a fast and less costly way to set up global transactions. This is being adopted by different banks and credit unions due to its speed and efficiency. Ripple was released in 2012 and has a total supply of 99 billion. There is debate if this is truly a useful decentralized crypto, or if it’s too regulated.

Monero vs Litecoin

Litecoin was modeled after Bitcoin and it’s actually less costly to set up transactions. Litecoin is quickly traded with around 1 to 3 minutes for a fully processed transaction. There is speculation that there may be a merger between Monero and Litecoin, but this remains to be seen and it’s not yet been fully planned out at a potential date.

Bitcoin vs Bitcoin Cash

Bitcoin Cash came as a result of a fork and it’s faster than but not as pricy as Bitcoin. There is dispute as to whether or not both will succeed in the future, or if the other will overtake and be worth more. At this time Bitcoin Cash is valued highly, but it’s still not as popular or as costly as Bitcoin. Bitcoin Cash is also traded on major exchanges and each block holds more data than a regular BTC block.

Bitcoin vs Gold

Gold is a major commodity that seems to always retain a good value globally. As a precious metal this has been traded since as early as it was discovered, and it often retains its worth even when there are changes to fiat currency or other commodities. It’s tricky to compare gold and Bitcoin since Bitcoin is still new and only introduced in 2009, but both are at this time worth a good amount.

Monero vs Bitcoin FAQ

Where can I buy Bitcoin?Virtually any marketplace offers Bitcoin and you can also get it through ATMs, loan websites, and trade websites.

Is buying Bitcoin at Walmart worth it?This will cost more since it’s an automated ATM, so it depends more on when you need it and what total fees you’re willing to pay.

Can I buy Bitcoin with credit card?Yes there are marketplaces and ATMs which allow trading for a credit and or debit card.

How to get Bitcoins?You can mine, exchange it for crypto, buy it with fiat currency, set up a bank wire, purchase with a debit or credit card, or even set up a loan.

What is a reliable Bitcoin wallet?You have your pick between a desktop, mobile, or hardware wallet. A hardware wallet might be the best option since it’s the most secure, though with proper management many wallets can be made secure.

Did Bitcoin crash?There hasn’t been a crash though it has stabilized at around $10,000 USD and judging from historical data, it appears to be around this range for the time being.

How much is Bitcoin to USD?In USD it’s worth $10,087. 80.

What is the current Monero price?It is valued at $278.21 USD.

What is a good Monero wallet?The official website offers desktop wallets and they offer mobile and hardware suggestions.

Where can I buy Monero?Various exchanges offer it including Bitfinex, Poloniex, Binance, Kraken, Livecoin, Bittrex, and several others.

Where can I view a Monero chart?Coinmarketcap.com and Coin Gecko are both solid websites for updated data.

What is a good Monero mining calculator?Free calculators are offered on websites like CryptoCompare.

Summary

Monero and Bitcoin are popular forms of cryptocurrency though they serve different functions. With Bitcoin you can send transactions all over the globe and it’s still the most popular form of cryptocurrency. The value is worth more than any other coin, and it’s widely available for purchase through several different means including ATMs and for exchanging for lesser known alt coins. Bitcoin isn’t as quick and the transaction fees are higher, but when it comes to its name, it’s still a leader in crypto.

Monero is made for truly secure transactions which eliminate the need to expose sensitive data. This also prevents compromised coin which may be unaccepted on different exchanges. It allows both the receiver and sender to remain confidential, and it offers quick trades. Monero has also increased in popularity and it’s widely considered the most popular coin for private transactions. This has seen a major growth in value and it appears to be more stable than other coins, at least for the time being. Deciding which coin is best for your needs depends on a lot of factors, which is why both remain highly popular.

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Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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